A&E Real Estate acquired Rivers Bend, a 22-story luxury rental apartment building in the Yorkville neighborhood of Manhattan’s Upper East Side. A&E acquired a 100% stake in the 179-unit property located at 501 E. 87th St. from Soloviev Group for $116.5 million, or approximately $547,000 per unit.
Built in 1963, Rivers Bend features a 24-hour attended lobby and parking garage, a rooftop terrace with a glass-enclosed swimming pool, central air conditioning, an updated elevator system and fitness center. The 202,000-square-foot postwar building also sports extra-large apartment layouts and wood burning fireplaces.
“We are pleased to complete this complex transaction, which required a collaborative approach by both parties over the past year,” said A&E Real Estate co-founder and CEO Douglas Eisenberg. “A&E’s acquisition of Rivers Bend reflects our unwavering commitment to New York City and our faith in the enduring strength of Manhattan’s market-rate residential sector.”
S. Charatan Realty founder and president Jack Bick represented Soleviev Group.
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